It disappoints me. So far this year, I have not been quite lucky. I am not the type to rely on luck but perhaps, a little bit of it would have spelt differently in this trade. I am still not sure what I did wrong as price rallied just a few pips after it had bounced from Fibonacci cluster confluence.
On 4-hour time frame, Fibonacci retracement-Expansion cluster formed. The region covered by the green lines is the resulting cluster. Fibonacci retracement tool was drawn from swing “1” to swing “B” and Fibonacci expansion tool was drawn from swing “B” to swing “C”, and to “D”.
On 1-hour time frame, Fibonacci retracement -expansion cluster also formed (indigo lines); and it is in confluence with the green cluster. Price bounced perfectly from it which was enough green light to go Short.
Buy limit was set at 1.0788, SL at 1.0828 (40 pips), and target was set at 1.0667 (121 pips).
Thick trend line is a potential reversal zone. Also Fib retracement from “B” to swing inside cluster, and another Fib retracement tool from “C” to that same swing marked out levels that could potentially bounce price.
EVENTUALLY
My order was picked up. I had expected that if price was ever going to bounce at all, it would at least make it to the Fib retracement-retracement cluster. It surprised me. It broke boundaries and broke my heart as stopped me out and I have no clue (technically) regarding why.
Profit/Loss: - 40 pips
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